Exclusive Interview with Sundeep Jagasia, Shree Krishna Group on Luxury Living Trends and Emerging Market Shifts

The demand for luxury living has evolved considerably in India, driven by the changing preferences of high-net-worth individuals who now seek more than just opulence in their homes. Today’s luxury buyers are after properties that offer a unique combination of privacy, advanced technology, and bespoke amenities. They desire a living experience that goes beyond traditional luxury, incorporating features such as smart home systems, eco-friendly materials, and sustainable designs. However, balancing these demands with exclusivity presents challenges—such as integrating cutting-edge technologies while maintaining aesthetic appeal and ensuring sustainability. Addressing these complexities requires expertise that goes beyond conventional real estate development.

In light of this surge in luxury housing demand, The Realty Today had the privilege of speaking with Sundeep Jagasia, Director of Shree Krishna Group. A seasoned businessman and second-generation real estate builder, Mr. Jagasia is instrumental in the Group’s business development, finance, and strategic growth. With a calm yet dynamic personality, his natural talent and sharp acumen in finance, marketing, and planning have been key to the Group's continued success and expansion.

In this exclusive interview, Mr. Jagasia shares valuable insights into the latest trends in luxury living, the challenges in meeting rising demand, and much more.

Here are the excerpts from the interview.

How are current trends in luxury real estate shaping the future of property developments in major urban centers?

The demand for luxury properties has been a game changer in the real estate industry, especially post-COVID-19. The pandemic played an important role in pivoting families to live in a nuclear environment. In Mumbai, the ultra-luxury housing segment grew by 35% year-on-year in 2023, driven by an increasing demand for exclusive amenities and bespoke experiences. High-net-worth individuals (HNIs) are seeking not just prime locations but also properties that offer exceptional design, advanced technology, and unparalleled privacy. This trend is shaping the future of property developments by pushing real estate players to innovate with cutting-edge features and sustainable practices, setting new standards for urban living across major Indian cities. The Mumbai luxury real estate market alone recorded transactions worth over INR 35,000 crore in 2023, highlighting the growing appetite for high-end residences.

What role do technological advancements, such as smart home systems and sustainable building materials, play in the design and functionality of luxury properties?

Technological advancements like smart home systems and sustainable building materials are transforming the luxury real estate landscape. The Indian smart home market is projected to grow at a CAGR of 14.77%, reaching a value of INR 75,000 crore by 2028. Smart home systems enhance convenience and security, offering residents seamless control over their living environment, while sustainable materials not only appeal to eco-conscious buyers but also contribute to long-term cost savings and environmental impact. At Shree Krishna Group, we have engaged with a multitude of consultants and specialists both from within India and globally to advise us on the latest and most advanced technological solutions available. Integrating these technologies into our designs is not just a trend but a commitment to providing cutting-edge, responsible, and future-ready living spaces. Our upcoming projects incorporate green building certifications, energy-efficient systems, and AI-powered home automation to meet evolving market demands.

How has your focus shifted from standalone buildings to developing gated communities? What benefits does this transition offer to your clients?

Our focus has always been to put our clients first. Today, in an increasingly redevelopment-focused environment, our clients are shifting from standalone buildings to developing gated communities, driven by the desire for enhanced security and a more cohesive living environment. In 2023, Mumbai recorded a 40% increase in gated community sales compared to the previous year, reflecting this growing preference. Gated communities offer clients not only a higher level of privacy and safety but also a range of shared amenities and a sense of belonging within a well-managed neighborhood. This transition allows us to create a more integrated lifestyle experience, catering to the needs of modern families seeking both luxury and community. Our latest developments feature clubhouses, wellness centers, and eco-friendly landscapes to enhance residents' quality of life.

What strategies do you implement to ensure timely delivery of projects while maintaining a high standard of quality?

We ensure timely delivery of projects while maintaining high quality through rigorous project management and advanced planning. The Indian luxury real estate market faces an average project delay of 12-24 months; however, we mitigate such risks through a robust framework that includes detailed timelines, regular progress reviews, and a proactive approach to addressing potential issues. By collaborating closely with trusted contractors and using high-quality materials, we maintain our standards without compromising on schedule. Our latest residential project in South Mumbai, spanning 500,000 sq. ft., is on track to be delivered six months ahead of schedule, reflecting our commitment to efficiency and excellence. This strategic approach allows us to deliver exceptional properties on time, consistently meeting the expectations of our discerning clients.

What are the key challenges and opportunities for developers in balancing exclusivity and sustainability in luxury real estate projects?

Balancing exclusivity and sustainability in luxury real estate presents both challenges and opportunities. The challenge lies in integrating eco-friendly practices without compromising the high-end features that define luxury. However, this also presents an opportunity to lead the market by innovating with sustainable technologies and materials that enhance exclusivity. By aligning sustainability with luxury, we not only meet the evolving preferences of environmentally conscious buyers but also set new benchmarks for the industry. According to a 2023 survey, 68% of luxury homebuyers in India prefer properties with green certifications and energy-efficient features. At Shree Krishna Group, we are implementing solar energy solutions, water recycling systems, and green rooftops in our upcoming projects, ensuring that our developments remain both exclusive and environmentally responsible.